SLB Agrees to Create Geothermal Company
Schlumberger New Energy, a new Schlumberger (NYSE: SLB) business, and Thermal Energy Partners (TEP) have agreed to create STEP Energy; a geothermal project development company.
STEP Energy will leverage its partners’ expertise to develop efficient and profitable geothermal power generation projects, according to Schlumberger. This expertise includes project execution, drilling, subsurface evaluation and digital technology integration, systems engineering, modeling, data analytics and machine learning capabilities, Schlumberger outlined.
The new company’s first project will be the 10 megawatt (MW) Nevis Geothermal Power Project on the Caribbean island of Nevis. STEP Energy has additional opportunities to expand production in the Eastern Caribbean and in North and South America, according to Schlumberger.
“Through GeothermEx, a Schlumberger company, we have acquired extensive knowledge of geothermal resource assessment and project design implementation,” Ashok Belani, the executive vice president of Schlumberger New Energy, said in a company statement.
“By combining our geothermal, subsurface and drilling expertise with TEP’s experience in project development and risk mitigation, we will develop de-risked and streamlined geothermal projects on a global scale,” Belani added.
Bruce Cutright, the chief executive officer of TEP, said, “we are thrilled with this partnership”.
“STEP Energy will focus on quickly reaching our first milestone of 100 MW of geothermal capacity. The combined experience and expertise in drilling, reservoir identification and assessment and project execution provide an unequalled opportunity for the success of the new company,” he added.
Dan Pfeffer, the president of TEP, said STEP Energy will create a unique opportunity to de-risk and optimize the development of geothermal power projects, reduce costs and compress schedules.
“This will unlock the full potential of geothermal power generation globally,” Pfeffer added.
Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging markets, with a focus on low-carbon and carbon-neutral energy technologies, Schlumberger highlights. Founded in 2010, TEP describes itself as a Texas-based geothermal energy company that provides sustainable, baseload, zero carbon, renewable energy.
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